JEDDAH, 20 December 2005 — The Saudi stock market continued its decline yesterday. The fall in major Banking and Industrial indices sent the Tadawul All-Share Index (TASI) plunging by 134.54 points to 16,735.68.

The Banking index was down by 382.34 points to 40,720.75. Only shares of Bank AlJazira rose by 1.86 percent to SR1,619, while shares of other banks dropped yesterday. Banque Saudi Fransi shares fell by 2.48 percent, The Saudi British Bank by 1.48 percent, Bank Albilad by 1.20 percent and Al-Rajhi Banking & Investment Corp by 1.08 percent.

Drop in Saudi Basic Industries Corp. (SABIC) shares dragged the Industrial index lower by 923.89 points to close at 41,784.60. SABIC shares fell by 3.18 percent to SR1,642 despite the board of directors’ decision on Sunday to recommend SR6 billion in dividends to the shareholders for the second half of the year for SR15 per share.

Shares of other major companies such as Zamil Industrial Investment Co., Saudi Industrial Development Co., Sahara Petrochemical and Almarai Co. also edged lower yesterday.

However, in the Industrial sector shares of Saudi Arabia Refineries Co. jumped 9.99 percent to SR3,766.50, Filling & Packing Materials Manufacturing Co. by 6.42 percent to SR580, Arabian Industrial Development Co. by 4.18 percent to SR548 and Savola Group by 2.75 percent to SR1,243.25.

The cement sector made handsome gains. Shares of Yanbu Cement soared 9.98 percent to SR752.25, Arab Cement Co. by 9.76 percent to SR919.75, Yamamah Cement by 4.58 percent to SR2,236 and Tabuk Cement by 4.43 percent to SR583.75.

The Services sector index was also higher yesterday as shares of Arriyadh Development Co. climbed 9.97 percent to SR430, Aseer Trading, Tourism & Manufacturing Co. by 8.45 percent to SR1,116.75, Saudi Automotive Services Co. by 8.33 percent to SR686 and Saudi Public Transport Co. by 7.62 percent to SR349.75.

Shares of Saudi Telecom Co. and Etihad Etisalat rose to SR945 and SR701.25, respectively.

Saudi Electricity Co. shares gained slightly at SR138.75.

The Agriculture Index suffered 162.79 points fall to 7,651 as shares of all companies declined except Saudi Fisheries. Its shares jumped 9.97 percent to SR424.50.

Over SR29 billion worth of shares changed hands yesterday.